WARNING! Wells can freeze accounts even if they 'think' there is a risk of loss. No court order needed. No bankruptcy needed. I am not talking about holds on deposits. I am talking about a total account freeze! I was personally dealt this unpleasant card and they have told me it is too bad and they have the right to freeze anybody's account no matter how much money is in it! What would this mean if there was a run on banks? Apparently it means that wells can freeze depositor accounts at will. I was told politely, that it can be done even if there is no hint or evidence of outstanding debits or checks that will post in the future or any liens garnishments, etc. To be clear, in my case there is no court order or government directive and I was told abruptly there is nothing anyone can do about it. It is a loophole that allows them to do this if they 'think' there is risk. Nothing has to be documented or justified. Period. The risk management department evidently can decide one day you are a risk to them and poof, your account is closed and funds are frozen for almost a month. you can NOT get your money no matter how much you scream!
In my case I have over $5000 in collected funds on deposit. The funds are there from a direct deposit made on the 21st. My account was supposedly frozen on the 17th. I was notified by mail on the 24th (today). I am told they will mail a check for the account funds on the 31st. WHAT!! I asked what if I had $100,000 on deposit and was told the answer would be the same. I can not go to my branch and withdraw the money. They will not honor checks or debits. No withdrawals can be made. To be clear - no one is knocking on my door for past due money and i have good credit!
They claim this is because of a deposit I made on the 13th that were concerned was not good. However, the deposit cleared! It did not matter - the rep said the 'decision' to freeze and close the account was made on the 14th. Too late - decision made.
I used to bank with wachovia however they would hold trancations for weeks. Double charge on the fees and not be able to fully explain why and where the money was going. I closed my account. Paid in full and 5 years later get a letter saying I owe them money! I have had a great account with wells Fargo forever so I am sure since wells Fargo took over if I really did owe wachovia I would have been notified plus isn't there a timeframe or something?
I went to get gas this morning before going to school. I kept trying to use both of my cards but they kept saying they were declined. So I called the automated service to verify that I had funds (which I knew I did b/c I get direct deposit and I hadnt used my card in several days). As I knew all four of my accounts had money in them. So by this time I am totaly confused. So I call the 1800 number back to speak with customer service. In a nut shell I was advised that the day before my cards had been terminated. By this time I am totally mind boggled!!! So I kept asking ?s but wasnt getting answers so I decided to drive to the nearest wachovia. I get there and ask to speak with some one about my account. The finance specialist advised me that my account had been closed and there was a restriction blocking me from withdrawing any money, using my atm debit cards, or making any transactions at all. She decided to call upper management as I had been a "loyal, valued customer" for over 4 years and she couldnt figure out what was going on either. After speaking with a manager all I found out was that the executive board decided to close my account, once my credits and debits on the account fully processed I would mailed a check within 10 businessdays. WTF?? How can they do this to people?? I have no money, no access to my money and I have to wait for them to mail MY MONEY out of my account? The worse part is in over 4 years my account has NEVER been over drawn, Ive had direct deposit since I opened the account, and thats all they can tell me! I get no explanation as to why!!! I would never bank with them again if I had a choice and my life depended on it.